Egyptian billionaire negotiates to invest in Saudi tourism sector

Egyptian billionaire Samih Sawiris, founder of Orascom Development Egypt, has started negotiations with Saudi parties to invest in the tourism sector in the Kingdom of Saudi Arabia.

According to “Al Sharq”, Sawiris said in statements on the sidelines of the (OWEST) conference in the city of Sixth of October, Egypt, today, Tuesday, that “the rapid movements of the Kingdom, especially in the tourism file, caused a great shift that encourages us to be present in Saudi Arabia .. to complete the procedures And permits for yacht tourism have increased the competitiveness of the Saudi market.”

The giant projects launched by Crown Prince Mohammed bin Salman, such as the future city of Neom, in which the cost of investments is estimated at $ 500 billion, and the development of the city of Diriyah, the capital of the first Saudi state, are part of the Kingdom’s plans to attract foreign tourists.

The growth rates of the tourism sector in Saudi Arabia exceed their global counterparts, according to data from the Saudi Ministry of Tourism, as domestic tourism spending grew by 78% during the first nine months of 2022, while this rate declined globally by 13%. Employment in the sector grew locally by 26% compared to 10% globally

Spending by foreign tourists in Saudi Arabia achieved the highest number in its history during 2022, with a total of $23.5 billion, compared to $16.4 billion in 2019, and $8.5 billion in 2011.

The tourism sector in the Kingdom of Saudi Arabia is proceeding with rapid steps in accordance with the government’s objectives, as it plans to raise the sector’s contribution to the gross domestic product from 4% in 2022 to 10% in 2030, by attracting internal and external investments. The Kingdom aims to raise the sector’s contribution to the local economy from 70 to 80 billion dollars by 2030.

The Kingdom announced its goal to attract 100 million tourists by 2030, which is one of the items included in “Vision 2030” launched by Crown Prince Mohammed bin Salman to diversify the oil-dependent economy and open up to the world.

Of the 100 million tourists targeted in 2030, 30 million are expected to arrive from abroad, while the rest will include travellers from within the Kingdom.